The Toronto Maple Leafs were sold in a record-breaking $4.7 billion deal that could reshape the future of hockey.

Rogers Communications has officially purchased Bell Canada’s stake in the Maple Leafs for an astonishing $4.7 billion, according to recent reports.

The deal, which Bell expects to finalize by mid-2025, significantly increases Rogers’ stake in Maple Leafs Sports & Entertainment, already holding 37.5% and now valued at $9.3 billion. Rogers, also the owner of the Toronto Blue Jays, a franchise worth $2.27 billion, is further expanding its sports portfolio.

Larry Tanenbaum holds the remaining 25% of the company, and it’s anticipated that Rogers will acquire his share by 2026.

Tony Staffieri, President and CEO of Rogers, commented on the transaction:

“MLSE is one of the world’s most prestigious sports and entertainment entities, and we are thrilled to increase our ownership of these coveted teams. As Canada’s top communications and entertainment company, live sports are a key part of our business strategy.”

This deal is expected to have far-reaching impacts on the sport.

Not only could it set a new standard for National Hockey League franchise values, potentially raising the salary cap, but it may also bring changes to the Maple Leafs’ operations. With new ownership, significant changes could occur in infrastructure and hockey operations, furthering the transformation that began with Kyle Dubas’ departure as general manager.